If you work for Goldman Sachs in London and are tempted to move to Frankfurt, the latest annual report for Goldman Sachs SE offers some pointers: on average, it will be lower - but not by much.
In 2020, Goldman Sachs Bank Europe SE had 556 employees, up from just 243 in 2019. The bank spent €114m compensating them - an average of €205k ($237k) per head. This is considerably less than the $523k Goldman pays its staff in London.
Goldman's Frankfurt-based risk-taking employees earn more, although there aren't many of them. Just 40 of the bank's employees in Frankfurt are categorized as “risk-takers,” and 24 of them are members of the Frankfurt senior management committee. These 24 received average salaries of €540k last year, plus restricted stock bonuses of €1.5m each.
The other 16 risk-takers at Goldman Sachs in Frankfurt earned salaries averaging €340k last year, plus cash bonuses averaging €189k per capita, plus restricted stock units averaging of €722k each.
There may be extra too: Goldman states that its Frankfurt risk-takers are entitled to additional ancillary payments "which are not included in the published information."
Goldman has a new office in Frankfurt's Marien tower, where it can accommodate 700 people.
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